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Myners urges global investment banks to agree to UK bonus crackdown

Lord Myners has convened a meeting of major global investment banks with significant operations in the UK, in which they will be urged to agree to the same crackdown on bonuses agreed by leading UK banks last week.

The City minister said that the Treasury will demand that firms such as JP Morgan, Goldman Sachs, Deutsche Bank, UBS and Morgan Stanley “endorse and act in accord with the decisions made at the G20 and ensure that those decisions are reflected in the decisions that they make in 2009".

Separately, a panel of experts assembled by Manchester University's Centre for Research on Socio-Cultural Change has proposed that the UK Treasury should straightaway "top-slice" 40%-50% of the cash set aside for compensation and bonuses at investment banks.